AML EXAM (CE)
1. If Juan Clemens is the AML compliance officer of the ABC insurance company,
then all of the following statements about him are correct EXCEPT.
a. he is knowledgeable about money laundering issues and risks
b. he administers ABC's AML program
c. he graduated from the NAIC's compliance officer training school.
d. he ensures appropriate company employees are trained about ABC's AML
program. - ANSWERS-D.
2. Because Seth Williams is known to engage in illegal activities, his name can be
found on the OFAC's list of
a. block suspects
b. specially designated nationals and blocked persons
c. suspicious individuals
d. persons to watch - ANSWERS-B.
3. Julianne Thompson is money laundering when she
a. buys an annuity with money she obtained selling drugs
b. divorces her spouse
c. robs a bank
d. hides money in a basement - ANSWERS-A.
, 4. Roger Carlson is money laundering when he performs each of the following
activities EXCEPT
a. making dirty money appear clean
b. converting an annuity into an insurance policy
c. making illegally obtained money appear legitimate
d. converting cash from a crime into money that appears to come fro ma legal
source. - ANSWERS-B
5. Jamal Trenton, an insurance agent, performs all of the following functions in his
insurance company's AML program EXCEPT
a. reports violations of policy to the AML compliance officer.
b. informs clients when their suspicious activities has been reported.
c. helps the AML compliance officer gather information
d. helps identify high-risk, businesses, and locations. - ANSWERS-B
6. The information an insurance agent must collect for customer identification
purposes depends on
a. the amount of money the customer is worth.
b. The amount of money the customer spends.
c. whether the insurance product the customer is purchasing at a low or high risk
for money laundering.
1. If Juan Clemens is the AML compliance officer of the ABC insurance company,
then all of the following statements about him are correct EXCEPT.
a. he is knowledgeable about money laundering issues and risks
b. he administers ABC's AML program
c. he graduated from the NAIC's compliance officer training school.
d. he ensures appropriate company employees are trained about ABC's AML
program. - ANSWERS-D.
2. Because Seth Williams is known to engage in illegal activities, his name can be
found on the OFAC's list of
a. block suspects
b. specially designated nationals and blocked persons
c. suspicious individuals
d. persons to watch - ANSWERS-B.
3. Julianne Thompson is money laundering when she
a. buys an annuity with money she obtained selling drugs
b. divorces her spouse
c. robs a bank
d. hides money in a basement - ANSWERS-A.
, 4. Roger Carlson is money laundering when he performs each of the following
activities EXCEPT
a. making dirty money appear clean
b. converting an annuity into an insurance policy
c. making illegally obtained money appear legitimate
d. converting cash from a crime into money that appears to come fro ma legal
source. - ANSWERS-B
5. Jamal Trenton, an insurance agent, performs all of the following functions in his
insurance company's AML program EXCEPT
a. reports violations of policy to the AML compliance officer.
b. informs clients when their suspicious activities has been reported.
c. helps the AML compliance officer gather information
d. helps identify high-risk, businesses, and locations. - ANSWERS-B
6. The information an insurance agent must collect for customer identification
purposes depends on
a. the amount of money the customer is worth.
b. The amount of money the customer spends.
c. whether the insurance product the customer is purchasing at a low or high risk
for money laundering.
